With Regard to Real Property Law, Which One of the Following

question 99

Multiple Choice

With regard to real property law, which one of the following is true?

• A) If the fee simple is conveyed to Mr. and Mrs. So and there is no indication of the nature of their co-ownership, they take the land as joint tenants.
• B) A life estate is an interest in land that necessarily ends when the life of the grantor ends.
• C) An interest in land less than an estate (e.g., an easement) gives its owner exclusive possession of that property for some period of time.
• D) If one co-owner wants to sell but the other won't consent to the sale, the first one may be able to get a court order to sell the property.
• E) If a father cuts his family out of his will and leaves the property to someone else, there is no legal recourse for the family; i.e., the property is his to dispose of entirely as he wishes.

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Definitions:

Average Total Cost

The total cost of production (fixed and variable costs combined) divided by the total quantity of output produced.

Profit

The financial gain realized when the amount of revenue gained exceeds the expenses, costs, and taxes needed to sustain the activity.

Profit-Maximizing

A strategy or approach aimed at achieving the highest possible profit from business operations.

Fixed Cost

Costs that do not change with the level of output produced, such as rent, salaries, and insurance expenses.